@SteveSage, yes I am sure they are being conservative. They have a history of this. My main reasons for saying this are that since their earlier guidance:
- Collections during the last quarter are 20% higher than PCP 2 years ago, while over the same period productivity has gone up 27%;
- We now know there is a growing PDL purchasing outlook since August 2021 (contracted purchasing pipeline);
- Other markets looking up, and three new products about to commence.
IMO, this will translate to an upgrade later this FY.
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